Futures Pointing to a Higher Open for Tuesday

Yesterday was ugly, the worst day in two months. Before the open, we said that we would be watching to see if the S&P 920 level could be held -- and, of course, neither the 200 day nor the 50 day moving averages were maintained.

Thankfully, the futures are indicating a higher open today, but the ugliness of yesterday still hangs -- a reminder of how quickly gains can slip away.

Crude oil, which dipped below $67 for the first time in three weeks, and commodities in general have plunged.

We have tended not to do much recently. The market had gotten heated, and it seemed best to protect gains.

Clearer signals eventually emerge, and those are the signals that we wait and watch for. In the meantime, we will examine charts, looking at both the long and short side. And we will be patient -- sometimes hard to do, but often with nice rewards.